Chicago's condo boom screeched to a halt when the recession hit in 2008, stalling out several high profile projects. However, over the last couple of years, money has started flowing again and the city has witnessed a flurry of new construction. The city's latest building boom can be largely attributed to new hotel and apartment construction, as thousands of new rental units and thousands of hotel rooms will be delivered over the next couple of years. KIG Analytics took a look at new construction and demolition permits issued between 2006 and 2015 and created this time lapse rendering that really helps visualize just how big of an effect the recession had on new construction in Chicago.
From 2006 to 2008, the Loop and surrounding areas were witnessing high levels of new construction activity, however it all mostly came to a halt in 2009. Some new activity is noticeable in 2011 and 2012, however starting in 2013, the pace began to pick up once again. Finally, by 2014 and 2015, permitting activity began to approach almost pre-recession levels, though it doesn't appear to be quite as significant. While demolition activity is taking place throughout the city, the video indicates that the city's south and west sides are witnessing a significantly higher level of demolition versus new construction activity.
While looking at the hard numbers will offer the most accurate picture, having the data presented over a map of the city really helps paint a portrait of where the bulk of new construction is taking place.
·Chicago New Construction & Demo Permits - Heat Map [Youtube]
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